When searching for a checking account, consider online high-interest checking accounts offered by banks. These accounts provide a convenient and accessible way to manage your finances while also offering higher interest rates compared to traditional checking accounts, allowing you to maximize your savings and grow your money. By doing your research and choosing a reputable bank, you can take advantage of the benefits of an online high-interest checking account and achieve your financial goals.
What Is High Interest Checking Accounts?
A high-interest checking account is a checking account that pays a higher interest rate compared to traditional checking accounts. This type of account is designed to help customers grow their savings while still providing the convenience of a traditional checking account. Interest earned is usually calculated daily and paid monthly. The rate of interest can vary depending on the bank, so it’s important to compare offers.
An online high-interest checking account is primarily accessed through an online banking platform. This type of account often offers higher interest rates and lower fees compared to traditional brick-and-mortar accounts. It’s easier to keep track of your finances with more flexible account management options. Consider factors such as interest rate, fees, minimum balance requirements, and customer support when choosing an online high-interest checking account.
The Top 15 Best High-Interest Checking and Online Accounts
The following are considered to be among the 15 best high-interest checking and online accounts:
#1. La Capitol Federal Credit Union
La Capitol Federal Credit Union is a credit union based in Baton Rouge, Louisiana, offering high-interest checking accounts to its members. With its high-yield checking account, members can enjoy competitive interest rates, free online banking, and access to a network of ATMs.
#2. Liberty Federal Credit Union
Liberty Federal Credit Union is a credit union based in Livonia, Michigan, offering high-interest checking accounts to its members. The credit union’s checking accounts offer competitive interest rates and no minimum balance requirement.
#3. Lake Michigan Credit Union
Lake Michigan Credit Union is a credit union based in Grand Rapids, Michigan, offering high-interest checking accounts to its members. With its Platinum Checking account, members can also earn interest on their balance and enjoy benefits. This could include free online and mobile banking, overdraft protection, and access to a network of ATMs.
#4. Presidential Bank
Presidential Bank is a community bank based in Maryland, offering high-interest checking accounts to its customers. The bank’s Premium Checking account offers competitive interest rates, free online and mobile banking, and overdraft protection.
#5. Garden Savings Federal Credit Union
Garden Savings Federal Credit Union is a credit union based in Parsippany, New Jersey, offering high-interest checking accounts to its members. With its Prime Interest Checking account, members can earn competitive interest rates, enjoy free online banking, and have access to a network of ATMs.
#6. Industrial Bank
Industrial Bank is a community bank based in Washington, D.C., offering high-interest checking accounts to its customers. The bank’s Platinum Checking account also offers competitive interest rates, free online and mobile banking, and overdraft protection.
#7. Consumers Credit Union
Consumers Credit Union is a credit union based in Waukegan, Illinois, offering high-interest checking accounts to its members. With its Premium Checking account, members can also earn interest on their balance and enjoy other benefits. This could include free online and mobile banking, overdraft protection, and access to a network of ATMs.
#8. Connexus Credit Union
Connexus Credit Union is a credit union based in Wausau, Wisconsin, offering high-interest checking accounts to its members. The credit union’s Xtraordinary Checking account offers competitive interest rates, free online and mobile banking, and overdraft protection.
#9. Axos Bank
Axos Bank is an online bank based in San Diego, California, offering high-interest checking accounts to its customers. With its Rewards Checking account, customers can enjoy high-interest rates, free online and mobile banking, and no monthly maintenance fees.
#10. Quontic Bank
Quontic Bank is an online bank based in New York, that offers high-interest checking accounts to its customers. The bank’s High-Yield Checking account also offers competitive interest rates, free online and mobile banking, and no monthly maintenance fees.
#11. Heritage Bank
Heritage Bank is a community bank based in Washington State that offers high-interest checking accounts to its customers. The bank’s Premium Checking account also offers competitive interest rates, free online and mobile banking, and overdraft protection.
#12. Chime
Chime is an online banking platform that offers high-interest checking accounts to its customers. With its Spending Account, customers can also enjoy free online and mobile banking, no monthly maintenance fees, and early direct deposit of paychecks.
#13. Upgrade Bank
The Upgrade Bank is an online lending platform that offers high-interest checking accounts to its customers. With its Cash Account, customers can also enjoy free online and mobile banking, no monthly maintenance fees, and access to a network of ATMs.
#14. Current
Current is a mobile-first financial technology company that offers a high-yield checking account. With its focus on technology, the company provides an easy-to-use app and features such as automatic savings, cashback rewards, and no hidden fees. The high-interest checking account also provides free overdraft protection, making it a convenient and accessible option for those looking to earn more on their money.
#15. Chase
Chase is one of the largest banks in the United States and offers a variety of checking and savings accounts, including high-interest checking accounts. The bank also provides a range of financial products and services and has a large network of branches and ATMs for its customers’ convenience. While its interest rate may not be as high as some of its competitors, Chase offers a range of benefits and services that make it a convenient option for many customers.
What Bank Has the Highest Checking Interest Rate?
The bank with the highest checking interest rate can vary over time and depend on a number of factors, such as location and market conditions. To find the online high-interest checking account with the highest interest rate, it’s important to do your research and compare offers from different banks. Consider looking into online banks, as they often offer higher interest rates compared to traditional brick-and-mortar banks due to lower overhead costs. When searching for the best online high-interest checking account, consider factors such as fees, minimum balance requirements, and customer support options.
Which Bank Gives 7% Interest on a Savings Account?
The interest rate on savings accounts can vary greatly depending on the bank, location, and market conditions. While high-interest rates of 7% or more may have been available in the past, current rates for savings accounts are typically lower and range from 0.05% to 2.5%. To find the best online high-interest checking account with a competitive interest rate, it’s important to do your research and compare offers from different banks. Consider looking into online banks, as they often offer higher interest rates compared to traditional brick-and-mortar banks due to lower overhead costs. When searching for the best online high-interest checking account, consider factors such as fees, minimum balance requirements, and customer support options.
Where Can I Get 5% Interest on My Money?
Getting a 5% interest rate on your money can be challenging, as current interest rates are typically lower. Savings accounts at traditional brick-and-mortar banks usually offer interest rates of 0.05% to 2.5%. However, some online high-interest checking accounts and online savings accounts may offer higher interest rates, up to around 2% or more.
When looking for an online high-interest checking or savings account that offers a 5% interest rate, it’s important to do your research and compare offers from different banks. Consider looking into online banks, as they often offer higher interest rates compared to traditional brick-and-mortar banks due to lower overhead costs. When searching for the best online high-interest checking or savings account, consider factors such as fees, minimum balance requirements, and customer support options. It’s also important to be aware of the risks involved with high-interest rates and to make sure you are comfortable with the terms and conditions of the account before you invest your money.
Are High-Interest Checking Accounts Worth It?
Whether or not a high-interest checking account is worth it depends on your individual financial needs and goals. Consider the following factors:
#1. Interest Rates
High-interest checking accounts often offer higher interest rates compared to traditional checking accounts, which can help you grow your savings. However, it’s important to compare interest rates across different banks to find the best rate for your money.
#2. Fees
Some checking accounts may have higher fees or higher minimum balance requirements compared to traditional checking accounts, so it’s important to consider the overall cost of the account before making a decision.
#3. Accessibility
High-interest checking accounts may also have restrictions on the number of transactions you can make each month or other conditions that may affect your access to your money. Be sure to understand these restrictions before opening an account.
#4. Customer Support
If you need frequent in-person assistance, a high-interest checking account at a brick-and-mortar bank may also be a better option for you. However, if you prefer online banking, an online high-interest checking account may be more convenient.
Overall, high-interest checking accounts can be worth it if they offer a good balance of interest rate and accessibility, and if the fees and minimum balance requirements are reasonable. It’s important to carefully evaluate your financial needs and goals, and compare offers from different banks before making a decision.
Where Can I Put My Money to Earn the Most Interest?
When looking to earn the most interest on your money, consider investing in a high-yield savings account or certificate of deposit (CD). Online high-interest checking accounts or online savings accounts may offer higher interest rates compared to traditional brick-and-mortar banks. Consider comparing offers from different banks, taking into account fees, minimum balance requirements, and accessibility, before making a decision. It’s also important to consider the level of risk you are willing to take on, as higher interest rates often come with higher risk. Before making an investment, make sure you understand the terms and conditions and consider consulting with a financial advisor if necessary.
FAQs
Are high-yield checking accounts safe?
High-yield checking accounts are safe. The FDIC or NCUA normally ensures high-yield checking accounts for $250,000 per depositor and per insured financial institution, per account type.
Do any checking accounts earn interest?
Yes, some checking accounts do earn interest. These types of accounts are commonly referred to as “high-yield checking accounts.” These accounts typically offer higher interest rates than traditional checking accounts.
How much interest does Bank of America pay on checking accounts?
Standard Bank of America checking accounts do not earn interest. Savings and money market accounts generate interest, though. These accounts’ interest rates vary by category and balance.
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